Switzerland to provide budget support to Ghana

Switzerland to provide US$ 30.8 million in budget support to Ghana over the period 2012 - 2014

Switzerland has renewed its commitment to support Ghana’s economy by providing the equivalent of US$ 30.8 million grant to the Government of Ghana under the Multi-Donor Budget Support (MDBS) framework from 2012 to 2014.

This follows the approval of the grant by the Swiss Federal Council which aims to help Ghana to implement its national development strategy and fight poverty as well as to strengthen the resilience of the economy in times of crises.

Switzerland was a founding member of the MDBS group and has contributed over USD 67 million since inception in 2003, co-chairing the group between 2009 and 2010.

The grant is in recognition of Ghana’s remarkable political and economic track record, underpinned by decades of pursuing conducive economic and political reforms which have resulted in sustained economic growth and the attainment of Middle Income Country status.

In spite of these past successes, there are still challenges in ensuring sustainable and inclusive growth capable of creating jobs and reducing inequality against the current backdrop of global economic uncertainty. Thus, this new grant is to help Ghana meet these continuing challenges.

The Ambassador of Switzerland to Ghana, H.E. Mr. Andrea Semadeni remarked:”Switzerland’s continued contribution to Ghana’s budget is in acknowledgement of Ghana’s development progress over the last decade. This contribution is intended to support Ghana to consolidate the transition to middle income country status.”

The Chief Director of Ministry of Finance and Economic Planning, Mr. Enoch Cobbinah said “Government and the people of Ghana are grateful to the Swiss Government for having continued to provide general budget support since its inception in Ghana in 2003.”

Ghana is one of only four priority countries in Africa of the Swiss State Secretariat for Economic Affairs’ (SECO) economic development cooperation programme. The budget support is part of the package of economic and trade policy measures aimed at improving sound macroeconomic policies and fostering transparency in public finances. SECO also has programmes that are contributing to deepening the financial sector, enhancing trade and investment climate, and in public utilities improvement in the energy sector.

Address for further enquiries Brigitte Cuendet, Head of Cooperation, Embassy of Switzerland, Tel: 0302 225 008 or 0302 246 228, brigitte.cuendet@eda.admin.ch

Hamis Ussif, Macroeconomist, Embassy of Switzerland, Tel: 0302 225 008 or 0302 246 228, hamis.ussif@eda.admin.ch